As with many forms of investment, you need to invest more in order to expect a higher return of investment. Preparing a house for rental, however, is one of those that require a demanding initial financial investment in order to gain more in the end.
Here are some tips on how to manage your property in order to get higher rents with as less an investment as possible:
- Adhere to market standards. Do not attempt to renovate your property with the same standards as you have with your home. Remember that your sole purpose is to market it and try to lure in potential tenants. Over-renovation is unnecessary because your tenants will most likely not take care of it as you would have.
- Put yourself in the shoes of the tenant. The first thing that tenants ask themselves then they are looking for a house or property to rent and when they are touring it is if they could imagine themselves living in it. Renovate your property as if you would want to see yourself live in it. It is dirty and dusty, clean it. If is creaky, repair it. Highlight a particular area you would want your tenants to notice such as the dining room, the rooms and the receiving room by maximizing its ventilation and lighting from the outside source. If the room/s or if an area within the property seems large and vacant (and dull as a result), consider placing a furniture to give life to it. Remember, you want your tenants to imagine living in it to want to rent it.
- Prioritize repairs than replacements. If you have the resources, and if you are willing to invest more, then the idea is to clear the area, restore and repaint to your heart’s content and replace the carpet. A newly furnished home/property is always attractive either to tenants or buyers. If you want to save money and produce the same result, then prioritize repairs. Repair an area or repaint only those which need it. Almost always, cleaning the property gives the impression of freshness which the tenants will interpret as new.
- Give priority to certain areas. Mind your bathrooms and your kitchen. They are two of the most important parts in the house. One is used to feed while the other is used for another necessity after feeding. These two aspects of day to day human activity are important and compulsory. Your tenants will imagine themselves using those areas first when they survey your property.
- Clean and replace frequently. A clean property is an attractive property. It appeals to both the eyes and the mind. Daily cleaning, however, while the property is not rented is necessary because dust can accumulate on a daily basis which could dull the appeal of your furniture, your floor or your paints. Check for the small aspects of your house such as the knob, the lap, your faucet and try to fix them if one of them is damaged. These features do not demand high cost to replace or repair and are equally important for the clients.
The last thing to do to prepare your property is to ensure its security. Your tenants would want to feel that your property could protect them just as their homes could. As long as your property is clean, presentable and offers your tenants security and safety, it will command a high price and will attract a number of prospect renters and buyers as well.